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Bank Failures

Bid Summary for First Cherokee State Bank, Woodstock, GA

First Cherokee State Bank, Woodstock, GA 
Closing Date: July 20, 2012

Failed Bank Information for First Cherokee State Bank, Woodstock, GA 

BidderType of TransactionDeposit Premium %Asset Premium/(Discount) $(000)SF Loss Share Tranche 1SF Loss Share Tranche 2SF Loss Share Tranche 3Commercial Loss Share Tranche 1Commercial Loss Share Tranche 2Commercial Loss Share Tranche 3Value Appreciation InstrumentConforming BidLinked
Winning bid and bidder:
Community & Southern Bank, Atlanta, GA
All deposit whole bank with loss share0.50%$(25,900)N/AN/AN/A80%80%N/ANoYesYes
Cover: Heritage Bank of the South, Albany, GAAll deposit whole bank with loss share0.79%$(36,400)N/AN/AN/A80%80%N/ANoYesNo
Other bidAll deposit whole bank with loss share0.00%$(19,927)N/AN/AN/A80%80%N/ANoNo - 1Yes
Other bidAll deposit whole bank with loss share0.00%$(20,905)N/AN/AN/A80%80%N/ANoNo - 1Yes
Other bidAll deposit whole bank with loss share0.50%$(25,900)N/AN/AN/A80%80%N/ANoYesYes
Other bidAll deposit whole bank with loss share0.50%$(25,900)N/AN/AN/A80%80%N/ANoYesNo
Other bidAll deposit whole bank with loss share0.00%$(28,198)N/AN/AN/A80%80%N/ANoYesYes
Other bidAll deposit whole bank with loss share0.00%$(31,604)N/AN/AN/A80%80%N/ANoYesYes
Other bidAll deposit whole bank with loss share0.00%$(35,000)N/AN/AN/A80%80%N/ANoYesNo
Other bidAll deposit whole bank with loss share0.00%$(36,622)N/AN/AN/A80%80%N/ANoYesNo
Other bidAll deposit whole bank with loss share0.50%$(37,558)N/AN/AN/A80%80%N/ANoYesNo
Other bidAll deposit whole bank0.00%$(42,900)N/AN/AN/AN/AN/AN/ANoNo - 2,3Yes
Other bidAll deposit whole bank0.00%$(42,900)N/AN/AN/AN/AN/AN/ANoNo - 2Yes
Other bidAll deposit whole bank0.00%$(46,100)N/AN/AN/AN/AN/AN/ANoNo - 2No
Other bidAll deposit whole bank0.79%$(87,700)N/AN/AN/AN/AN/AN/ANoYesNo
Other bidAll deposit whole bank0.00%$(89,590)N/AN/AN/AN/AN/AN/ANoNo - 4No

Conforming Bid Notes:

1- Excludes Single Family loans and Single Family OREO.
2- Excludes OREO properties and ACRU Wealth subsidiary.
3- Requests to amend Section 4.7 of the P&A Agreement relating to leasing data management equipment.
4- Excludes both of the Bank's subsidiaries.

Other Bidder Names & Locations:

Ameris Bank, Moultrie, GA
Bank of the Ozarks, Little Rock, AR
Community & Southern Bank, Atlanta, GA
Hamilton State Bank, Hoschton, GA
Heritage Bank of the South, Albany, GA
Renasant Bank, Tupelo, MS
Republic Bank & Trust Company, Louisville, KY
 

Notes:

  • The winning bidder's acquisition of all the deposits was the least costly resolution compared to a liquidation alternative. The liquidation alternative was valued using valuation models to estimate the market value of the assets. Bids for loss share, if any, were valued using a discounted cash flow analysis for the loss share portfolio over the life of the loss share agreement.
  • The cover bid is the bid that: a. Is less costly than liquidation and b. Is the least costly bid after excluding all bids submitted by the winning bidder.
  • There are more bids than bidders because one or more bidders submitted more than one bid.
  • The other bidder Names and the other bids are in random order. There is no linkage between bidder names and bids, except in the case of the winning bid and the cover bid.
  • For more information on the bid disclosure policy, see Failed Financial Institution Bid Disclosure Policy.

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Last Updated: December 22, 2021